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How to Buy DeFi Coins In Nigeria: Step By Step Guide 2023

This post is a comprehensive guide on buying Defi Coin in Nigeria. In particular, we will look at how to buy DeFi coins in Nigeria using PancakeSwap, a popular DeFi exchange platform. PancakeSwap makes it possible to buy DEFC tokens in a decentralized fashion.

Here’s a quick rundown in five steps:

  1. Download Trust Wallet: The Trust Wallet, which Binance supports, is the most convenient way to acquire Defi Coin on the Pancakeswap exchange. You should first get the Trust Wallet app for your Apple or Google device. 
  2. Add DeFi Support to your Trust Wallet: You can search for Defi Coin in the Trust Wallet app and add it to your wallet. If DEFC is not displayed, select “Add Custom Token,” then “Ethereum,” and finally, “Smart Chain.” After that, paste the following contract address in the appropriate box and hit “Done.” 
  3. Deposit Money into the Trust Wallet. Now that Defi Coin support has been added to your Trust Wallet, you can start funding the wallet with Defi Coin. You can move your cryptocurrency holdings from another wallet if you prefer. Also, you can deposit with a debit or credit card. You’ll have to provide an ID document if you choose the second option.
  4. Link your Trust Wallet To Pancakeswap: Once you have funds in your Trust Wallet, the next step is to link your wallet with the decentralized exchange Pancakeswap. Select “DApps,” then “Pancakeswap” to do this. Next, hit the “Connect” button. 
  5. Purchase your DeFi Coin: Here’s the main deal. You may now buy Defi Coin via Pancakeswap after linking your Trust Wallet. Find the coin next to the “You Get” heading. Once you’ve decided on a cryptocurrency, you can use it to buy Defi Coins. Adjust the slippage percentage to 12% to guarantee the purchase goes through. 

The Defi Coins will be added to your Trust Wallet once you complete the purchase by clicking the ‘Swap’ button.

Now that you have the rundown let’s get into in-depth explanations.

Download Trust Wallet

To begin, download Trust Wallet from the App Store or Google Play. Using Trust Wallet makes this simple; you only need to remember your own personal 12-word passphrase. 

Keep this secure, as the 12-word phrase is needed to access your wallet if your phone is ever lost or stolen. It would be best if you also used a robust PIN, as this will be needed each time you access the wallet.

Read Also: Best Crypto Trading Bots In Nigeria

Add DeFi Support to your Trust Wallet

To use Defi Coin with the Trust Wallet, you must first add it to the wallet’s list of supported cryptocurrencies. However, you can try checking for Defi Coin first to see if it loads immediately. Unless that happens, you’ll have to do it yourself. 

All of the Defi Coin information ought to be pre-populated. If that’s not possible, you can use Defi Coin as the name and DEFC as the symbol. There should be nine digits after the decimal point. When you’re finished, hit the “Done” button. 

Deposit Money into the Trust Wallet

You must add cash to your Trust Wallet before making a Defi Coin purchase on Pancakeswap. Binance Coin (BNB) is the most convenient digital currency because it can be converted to Defi Coin through a simple exchange. 

If you have Binance Coin tokens in a different wallet, you can move them here. To deposit bitcoin into your Trust Wallet, merely copy the address displayed on the deposit screen. 

Trust Wallet also provides access to fiat currency services. This implies that you can use a debit or credit card to add money to your Trust Wallet. Again, when choosing a cryptocurrency from the list of options, Binance Coin is your best bet.

You’ll need to complete a brief Know Your Customer (KYC) process before you can use your debit or credit card on the Trust Wallet. That’s why it’s essential to include a photocopy of your government-issued photo identification. You can use your Nigerian International Passport or driver’s license.

Link your Trust Wallet To Pancakeswap

To use Pancakeswap, you must first transfer your Binance Coin tokens to the Smart Chain. Trust Wallet will make this a quick and painless process that won’t take more than a few seconds. 

To begin, navigate to Binance Coin within the Trust Wallet app. To see additional content, select the “More” tab. The next step is to pick “Swap to Smart Chain.” If you plan to send the whole amount, select “100%.”  It would take a few seconds after confirming the swap and its implementation for the coins to convert. 

Subsequently, you can link your Trust Wallet with Pancakeswap. Tap the app’s “DApps” icon in its footer, and then select “Pancakeswap” to complete the process. Then, hit the link that says “Connect.” 

Purchase your DeFi Coin

Buying Defi Coin on Pancakeswap is the final step. You should update the “You Get” section to include Defi Coin. If you don’t see the Defi Coin contract address in the search results, you may manually input it.

Next, choose Binance Coin under the “You Pay” section. This is because you are exchanging Binance Coin (BNB) from your Trust Wallet into Defi Coin (DFI). 

Finally, adjust the percentage of slippage to 12%. In trading cryptocurrencies, slippage indicates that you will get a less favorable price if there is insufficient liquidity. In other words, if you don’t obtain a price 12% lower than the current rate, Pancakeswap will process your Defi Coin transaction. The last step in buying Defi Coin is clicking the “Swap” button.